Economic Transition Dynamics


	Economic Transition Dynamics

JimVAT

5-7-2007 11:17 PM

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tags:

economics

JimVAT says:

Interesting.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/768e8772-f8f8-4d6f-8657-9e57ff236100/050B2462-0CDC-4615-A846-DF0044A51F38/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://gregmankiw.blogspot.com/2007/05/blinder-on-offshoring.html#5943125401176893930" href="http://gregmankiw.blogspot.com/2007/05/blinder-on-offshoring.html#5943125401176893930" style="font-size: 11px;">gregmankiw.blogspot.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://gregmankiw.blogspot.com/2007/05/blinder-on-offshoring.html#5943125401176893930"><P>Prof. Blinder is probably right in saying in his Washington Post op-ed that:<BR /><I><BR />we economists stubbornly insist on chanting "Free trade is good for you" to people who know that it is not, we will quickly become irrelevant to the public debate.<BR /></I><BR /><BR /><DIV>This exactly characterizes Milton Friedman's complaint that Western societies are getting more protectionist, at the very same time at that most economists support free trade.</DIV><BR /><DIV>Instead of merely focusing on equilibrium results, I hope more work in the future will be focused on understanding the transition dynamics. </DIV><BR />I was at the Blinder-Bhagwati debate, from what I understand (I'm a keen observer of economics, but not a technical expert), Prof. Blinder is conjecturing that the transition dynamics will be difficult---in a way that will make US politics bow heavily to protectionist pressure---whereas Prof. Bhagwati just brushed that claim under the rug.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/050B2462-0CDC-4615-A846-DF0044A51F38/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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